Liability plays an integral part in your company’s security. Without a comprehensive policy, you stand to incur serious financial and legal penalties when a problem arises. Luckily, there are ways to keep yourself protected at all times. In the real estate industry, this means taking a closer look at liability options. Vicarious liability for real estate is a type of secondary insurance that can be useful in the event of legal battles involving misconduct.
Overview of Agency Options
As reported by professionals at HighlandRisk, there are a few key points of which to keep aware of regarding vicarious liability policies. For one, you’ll need to determine what agency works best for you. An agreement involving a single agency, for example, contains an agreement of express agency between two distinct parties. However, a dual agency can be a useful arrangement in a scenario where the two parties involved have conflicting interests and require external mediation or assistance. Additional points to consider include:
- Subagency options where sellers allow brokers extra responsibilities
- Disclosures describing the specific nature of the arrangement
- In-depth guidance from professionals with industry experience
Determine Your Insurance Needs
To help your business stay successful, you need to take time to review your current insurance plan. Look into the options available to you and determine whether you might be able to benefit from making a few key adjustments to how the policy is organized.